Dallas-based Prism Hotels and Resorts acquired eight new management deals in Texas, Rhode Island, California and Arizona.
“At Prism, we are laser focused on creating interactive personal relationships with our owners and maximizing [net operating income] performance for them. Because of our success we have experienced exponential growth within our company in the past year—and this announcement of eight new deals across the country is reflective of that,” Prism's president and CEO Steve Van said in a statement. “We are the best in the business at driving sales, gaining market share and controlling expenses, and these great hotels also highlight that expertise, as a diverse company with a deep bench of specialists.”
Prism acquired the management of three Nylo boutique hotels, soon to be converted to a major brand. They include:
- Nylo Irving/Las Colinas, located in Las Colinas, Texas, offering 200 guestrooms, two outdoor pools and large meeting spaces.
- Nylo Plano, located in Plano, Texas, has an industrial-chic design with 176 guestrooms, a first-floor restaurant and bar and an outdoor pool.
- Nylo Providence/Warwick has 162 guestrooms and is situated along the Pawtuxet River, minutes away from Providence, R.I.
Aligned with Prism’s growth strategy and commitment to showcasing full-service expertise and its development and programming services, Prism also acquired the management of four properties currently under development:
- The 148-room Hyatt House Cupertino (Calif.), expected to open in late 2018, is centrally located within walking distance to Apple Campus and fills an important extended stay void in the area.
- The 396-room Hyatt House/Hyatt Place Los Angeles International Airport (LAX), expected to open in 2020. The dual-brand hotel is located just east of LAX. The property will have 396 rooms spanning 12 floors, a fitness room, meeting facilities and an outdoor swimming pool and sundeck.
- The 101-room Hampton Inn Marana and the 104-room Hampton Inn Rita Park, located in Tucson, Ariz., both expected to open before the end of 2018.
In addition to the exciting acquisitions for Prism, Hyatt recently recognized the company’s Hyatt Regency Los Angeles International Airport hotel as Franchise Hotel of the Year—a recognition that each year, only one Hyatt franchise property across the Americas is selected for. The recognition comes on the heels of Hyatt recognizing Prism at year-end 2017 with the Operational Excellence award for its role in managing the same 580-room hotel and producing best-in-class results. Prism was the only third-party management company to receive this annual award.